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VARIABLE COST: In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount of produced. If there is no production, then there is no variable cost.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 14 of 25

Topic: Demand and Supply <=PAGE BACK | PAGE NEXT=>

GDP can be measured in two different ways.
  • Demand-side: In a market transaction, the buyer pays a price for a good or a service based on the value of the good. This indicates that the value of GDP can be measured from expenditures.
  • Supply-side: For seller's, the revenue received from selling a good is used to pay resources--the cost of production. This indicates that the value of GDP can be measured by the resource cost of production.
  • These two sides--expenditures and resources--give us two ways of measuring GDP.
  • Each can be used to check the other.

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GAME THEORY

An analysis that illustrates how the choices between two players affect the outcomes of a "game." Game theory is commonly used to explain the behavior and decision making of oligopolistic firms. It illustrates that cooperation, rather competition, between two "players" can lead to an outcome that is more beneficial to both players.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at an auction trying to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

CME
Chicago Mercantile Exchange
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